DP buys Dubai Maritime City and Drydocks World for USD 405mn

One of the largest port operators, DP World, has announced that it will acquire Dubai Maritime City (USD 180mn) and Drydocks World (USD 225mn) for a total of USD 405mn. Both deals are expected to be complete by the end of the year and are expected to be earnings accretive for the first full year of consolidation.

PGPIC to possibly sign Petrochemical deal with Total

Managing director of Persian Gulf Petrochemical Industries Company (PGPIC), Adel Nejad-Salim, said that PGPIC is close to finalizing a deal with Total S.A. to carry out feasibility studies on petrochemical ventures in Iran. According to the official news agency of National Petrochemical Company, Mr. Abdel mentioned "Serious talks are underway with two multinationals, one of which is Total, to attract USD 9.5bn in investment for commencing petrochemical joint ventures." Total has a preliminary agreement to build three petrochemical plants with a total capacity of 2.2mn tons. If the deal is finalized, Total could invest up to USD 2bn in Iran.

CB&I awarded contract to build storage tanks for Duqm Refinery

Shelf CB&I has announced that it is in a consortium with Saipem and has been awarded a contract to develop a portion of the EPC 3 package of the Duqm refinery project in Oman. The consortium's scope of work for Package 3 comprises of the development of a product export terminal at Duqm Port, a crude tank farm at Ras Markaz and an 80km crude oil pipeline. While CB&I will carry out the EPC works for storage tanks at the export terminal and crude tank farm, the leader of package 3, Saipem, will perform the remaining works. CB&I's portion of the contract is valued at c.USD 140mn.

Lebanon passes Oil Tax Law

Lebanon has taken a step forward in developing its hydrocarbons industry as lawmakers passed a petroleum tax law while companies prepare to bid on the first round of offshore exploration licenses next month. The government has already pre-qualified more than 50 companies to bid for the licenses; bidding will be held for offshore blocks 1, 4, 8, 9 and 10. Given the announcement of the new law, Energy Minister Cesar Abi Khalil has extended the bid deadline by four weeks (Oct 12th) in order to allow time for ratifying the law and based on requests from some companies.

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